Which of the following is not an example of a factor of production?
A. A forest.
B. A computer program.
C. A labor leader.
D. Dollars.
Answer: D
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Most towns were initially established at locations with
(a) an excellent harbor and river stretching into the hinterland. (b) an excellent harbor and flat land so roads could be easily built into the hinterlands. (c) in mountainous areas which provided better protection against Indians. (d) extensive forests to provide fuel and lumber.
Suppose that at the start of this year you got a salary increase of 10 percent from your employer. The prices of the goods and services you typically purchase increase 10 percent during the year. At the end of the year you have experienced on balance:
A. Higher real income and higher nominal income. B. Higher real income but lower nominal income. C. No change in nominal income. D. No change in real income.
According to the quantity theory of money, which one of the following economic variables would change in response to an increase in the money supply?
A. prices B. real income C. velocity D. employment
Other things equal, economists would prefer:
A. free trade to tariffs and tariffs to import quotas. B. free trade to import quotas and import quotas to tariffs. C. import quotas to tariffs and tariffs to voluntary export restrictions. D. import quotas to free trade and free trade to tariffs.